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Best Whole Life Insurance in Canada (And Whether It’s Right For You)

By
PolicyMe Editorial Team
July 16, 2025

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Expert reviewed by
Erik Heidebrecht
Certified Life Insurance Advisor
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Key Takeaways
  • Whole life insurance is a type of permanent life insurance. It may be an option for high-income Canadians who want long-term coverage with guaranteed cash value.
  • Based on policy offerings and policyholder reviews, the best whole life insurance plans in Canada are from Sun Life, Assumption Manulife, Equitable Life, Canada Protection Plan, and BMO Insurance.
  • For most Canadians, term life insurance offers more affordable, flexible protection for their loved ones than whole life insurance.

What is whole life insurance?

Whole life insurance is a type of permanent life insurance policy that covers you for your entire life. This guaranteed coverage offers financial protection for your beneficiaries, ensuring they receive a financial payout (guaranteed death benefit) upon your death, no matter when it occurs. 

A portion of your whole life insurance premium also contributes to a cash value account, which grows steadily over time. This feature allows you to access funds for emergencies, investments, or future needs.

Learn more: Whole life insurance, explained

How to determine if whole life insurance is right for you

We believe that most Canadians are best suited for term life insurance coverage, but there are situations where whole life insurance might make the most sense:

  • You have a high net worth. If you’ve maximized your FHSA, RRSP, and/or TFSA contributions and want an additional way to leave a legacy or take advantage of tax-free growth, you might consider a whole life policy.
  • You can afford higher premiums. Permanent coverage is 5 to 15 times more expensive than term coverage and lasts your lifetime, so before you purchase a policy, you want to ensure that you can comfortably afford the cost. 
  • You have lifelong dependents. If you’re caring for a dependent who will still rely on you at the time of your death, this type of policy can provide for their ongoing care and your peace of mind. It’s best to speak to an attorney if you’re interested in setting up a trust for this purpose.
  • You want to build cash value. A whole life policy’s cash value grows over time at a rate set by your insurance provider.

Term life insurance is the best choice for most Canadians

In most cases, term insurance tends to be a better choice than permanent coverage. A term policy is more flexible and typically much more affordable. It allows you to secure coverage during the years you have financial obligations (like a mortgage or dependent kids) and amend or discontinue your coverage once those obligations end.

See how affordable term life insurance can be with PolicyMe.

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Best whole life insurance policies in Canada

Sun Life, Assumption, Manulife, Equitable Life, Canada Protection Plan, and BMO have some of the best whole life insurance policies in Canada. 

To determine the best whole life insurance policies in the country, we considered whole life coverage options, cash value and dividends, and customer reviews. We referred to policyholder ratings from Insureye and sourced policy information from each provider’s website.

1. Sun Life: best cash value with whole life insurance

Insureye customer service score: 2/5

Insureye value for money score: 2/5

Pros & cons:

  • Over 160 years of experience in the industry
  • Many options for riders to add to your policy (at an additional cost)
  • Most whole life policies offer a joint first-to-die feature for couples
  • Mixed customer service reviews
  • Little policy information available online
  • Insurance premiums tend to run on the high side

Policy options:
SunSpectrum Permanent Life II
Sun Life Go Guaranteed Life Insurance
Best for...
Guaranteed cash value and lifetime protection
Securing quick, guaranteed coverage
Age range
All ages
30 to 74 years
Number of people covered
Up to 2
1
Coverage
Up to $10M
Up to $25K
Cash value?
Yes, beginning year 3
No
Medical exam?
Yes
No
Payment options
10 years, 15 years, 20 years, pay to 100
N/A

2. Assumption: best whole life insurance with excellent customer service

Insureye customer service score: 5/5

Insureye value for money score: 4/5

Pros & cons:

  • One of the oldest life insurance companies in Canada
  • Owned by policyholders rather than shareholders (one of only two in Canada)
  • Optional add-ons like accidental death available
  • Wide range of whole life insurance products
  • A‑ rating from A.M. Best, indicating superior financial stability
  • Numerous options can make choosing the right policy more complicated
  • Low coverage limits on more basic policy options
  • Non-participating whole life insurance policies do not pay dividends

Policy options:

 
Non-Participating Whole
Platinum Protection
Golden Protection
Silver Protection
Bronze Protection
Best for individuals...
Healthy
Healthy
With mild health concerns
With serious health conditions
With severe health challenges
Age range
18 to 80
18 to 85
18 to 85
18 to 85
18 to 80
Coverage
$10K to $10M
$10K to $750K
$5K to $250K
$5K to $50K; deferred for 2 years
$5K to $50K; deferred for 2 years
Cash value?
Yes, after 5 years
Yes, after 5 years
Yes, after 5 years
Yes, after 5 years
Yes, after 5 years
Medical exam?
Yes
No
No
No
No
Payment options
20 years or life pay
20 years or life pay
20 years or life pay
20 years or life pay
20 years or life pay

3. Manulife: best whole life insurance for couples

Insureye customer service score: 2/5

Insureye value for money score: 2/5

Pros & cons:

  • Largest life insurance company in Canada
  • Discounts available for couples purchasing together
  • Sample policies available online
  • Excellent customer service reviews
  • A+ rating from A.M. best, indicating excellent financial stability
  • Reviews suggest poor customer service
  • Limited whole life insurance options

Policy options:

 
Manulife Par
Manulife Par with Vitality Plus
Best for...
Savings for purchasing as a couple
Earning rewards and discounts for healthy behaviours
Age range
18 to 80
18 to 80
Number of people covered
1+
1+
Coverage
$100K minimum ($500K for pay to 100)
$100K minimum ($500K for pay to 100)
Cash value?
Yes
Yes
Medical exam?
Maybe
Maybe
Payment options
10 years, 20 years, pay to 90, pay to 100
10 years, 20 years, pay to 90, pay to 100

Learn more: Manulife life insurance review

4. Equitable Life: best whole life insurance with guaranteed premiums and high cash value‍

Insureye customer service score: 2/5

Insureye value for money score: 2.5/5

Pros & cons:

  • Mutual company that is owned by policyholders, not shareholders
  • Participating policies with dividend payment
  • Online account access
  • Optional add-ons like critical illness insurance available
  • Limited policy options
  • No online quotes; must speak to an advisor
  • Mixed customer service reviews

Policy options:

 
Equimax Estate Builder
Equimax Wealth Accumulator
Best for...
Long-term value and final expenses
Early cash value and wealth building
Age range
18 to 80
18 to 80
Number of people covered
1-2
1-2
Coverage
Minimum $10K single or $25K joint
Minimum $10K single or $25K joint
Cash value?
Yes
Yes
Medical exam?
Maybe
Maybe
Payment options
10 years, 20 years, or life pay
10 years, 20 years, or life pay

5. Canada Protection Plan: best no-medical whole life insurance

Insureye customer service score: N/A

Insureye value for money score: N/A

Pros & cons:

  • Ability to qualify regardless of health conditions
  • Generally positive online reviews
  • Wide range of whole life insurance products
  • Quick approval
  • No-medical policies are typically expensive due to higher assessed risk
  • Maximum coverage of $500,000 depending on age
  • Some plans offer lower coverage ranges for policyholders 61 to 80

Policy options:

 
Guaranteed Acceptance
Deferred
Deferred Elite
Simplified Elite
Preferred
Preferred Elite
Best for individuals...
With health conditions or critical illnesses
With serious health conditions
With less serious health conditions
In relatively good health
Healthy and want quick coverage
Healthy and want the best rates
Age range
18 to 75
18 to 80
18 to 80
18 to 80
18 to 80
18 to 80
Coverage
$5K to $50K
$5K to $75K
$5K to $350K
$5K to $500K
$50K to $1M
$500K to $1M
Cash value?
Yes
Yes
Yes
Yes
Yes
Yes
Medical exam?
No
No
No
No
No
No
Payment options
Life pay (monthly or annual withdrawals)
20 years or life pay
20 years or life pay
20 years or life pay
20 years or life pay
20 years or life pay

Learn more: Canada Protection Plan life insurance review

6. BMO Insurance: best whole life insurance policy in Canada with flexibility

Insureye customer service score: 2.5/5

Insureye value for money score: 2.5/5

Pros & cons:

  • Highly flexible policies with premium payment options
  • One of the oldest, most trusted financial institutions in Canada
  • A.M. Best rating of A, indicating excellent financial security
  • Must apply through a BMO advisor
  • Online reviews suggest poor customer service
  • No ability to access policy online

Policy options:

 
Estate Protector
Wealth Accelerator
Best for
Building long-term value for estate planning and protection
Securing high early cash value and short-term liquidity
Age range
Up to 80
Up to 80
Number of people covered
1-2
1-2
Amount of coverage
$25,000+
$25,000+
Cash value?
Yes
Yes
Medical exam required?
Maybe
Maybe
Payment options
10 years, 20 years, or pay to 100
10 years, 20 years, or pay to 100

How to find the best whole life insurance in Canada

To find the best whole life insurance rates in Canada, you’ll want to shop around and get quotes from multiple life insurance providers. When doing so, be sure you’re comparing apples to apples. Not all policies have the same cash value, coverage options, or premium payment options. Life insurance advisor Erik Heidebrecht has this advice, "Get very clear about what you're looking for in a whole life policy. Ask yourself:

‍

  • Why do you want a whole life insurance policy? For investments? For estate planning?
  • What coverage amount do you want? The more coverage you need, the pricier the premiums.
  • Do you want the policy to be plug-and-play or do you want to tinker with your investment options?
  • Does the whole life insurance company have high MERs? Make sure to cross-check with the market with how much those funds would be to track separately.
  • Do they use investment options that are in your best interest? Do they fund index funds? ETFs?"

FAQ: best whole life insurance companies Canada

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Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.

Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.

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